The amalgam of global and local concerns have infused pessimism across a wide spectrum of companies across the globe, if findings of Deliotte's latest quarterly survey of opinion of chief financial officers of select companies in North America, Middle East, seven West European countries, Australia and India are any indication.

In its second quarter survey of Deloitte member firms CFOs titled ‘Global CFO Signals', the global consultancy major notes: “What a difference a quarter makes. If it looked like CFOs globally shook some of their gloom in the first quarter of 2012, that may have been an illusion. Pessimism is back again - in force.”

The survey adds: “Continuing worries associated with the Eurozone debt crisis, fears of potential slowdowns in China and India, and renewed concerns about the U.S. economic situation collided to make CFOs rethink their positive vibes. Moreover, that reversal of sentiment has led to renewed retrenchment, with

CFOs focusing on defensive strategies, such as cutting costs and bolstering cash flow - and making contingency plans for whatever happens next, particularly in the Eurozone.”

The Survey concludes that CFO optimism has decreased markedly in the majority

of countries that track sentiment since their last surveys. The main exception is the Middle East, but even there political tensions in the region have tempered CFOs' optimism.